Request for Buy / sell volume pressure in Trend chart pattern

[rajaodu1]

Hi Script gurus

I am looking at these volume pressure histogram bars (https://usethinkscript.com/threads/...ssure-indicators-labels-for-thinkorswim.8466/) and wanted to see the histogram charts in different way like a trend chart. Can you please help to write the script. Here is the logic I am thinking.

Lets take 5 min candle chart. The time / count always starts at 6 PM (EST) and resets next day at 6 PM (EST).


1. At 6 PM, there was 0 volume
2. Between 6.00 - 6.05 PM, there was 100 BUY volume, so the chart goes +100 Up
3. Between 6.05 - 6.10 PM, there was another 100 BUY volume, so the next candle starts at 101 and goes all the way up until 200
4. Between 6.10 - 6. 12 PM, there was another 50 BUY volume, so the next candle starts at 201 and goes all the way up until 250
4a. Between 6.12 - 6.14 PM, there was 100 SELL volume, so the candle goes down from 250 to 150.
4b. Between 6.14 - 6.15 PM, there ws 150 BUY volume, so that candle goes up from 150 to 300. While creating a wick between 150 - 200
5. Between 6.15 - 6.17 PM, there was 300 BUY volume, so the next candle starts at 301 and goes all the way up to 600
5a. Between 6.17 - 6.20 PM, there was 400 SELL volume, so the candle moves down from 600 - 200. While creating a wick between 600 - 301
6. Between 6.20 PM - 6.25 PM, there was 400 SELL volume, so the candle starts at 199 and goes all the way down till -200
7. Between 6.25 - 6.27 PM, there was 50 BUY volume, so the candle starts at -199 and goes up to -150.
7a. Betwen 6.27 PM - 6.30 PM, there was 350 SELL volume, so the candle goes down till -500. While creating a wick from -150 - -200

and so on. This logic ccan be used in all time frame. Hope I am explaining clearly. Thanks for your help

 

[Svanoy]

@rajaodu1 Can't show wicks as intrabar price/volume changes are not usable, but this should be pretty close.

declare lower;

input Reset_Time = 1800;

def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;
def BV = V * (C - L) / (H - L);
def SV = V * (H - C) / (H - L);
def HALine = if secondstilltime(Reset_Time)==0 then BV-SV else if IsNaN(HALine[1]+(BV-SV)) then 0 else HALine[1]+(BV-SV);

plot Zero = 0;
plot HAplot = HALine;
HAplot.hide();

def ghaopen = if secondstilltime(Reset_Time)==0 then 0 else HAplot[1];
def ghaclose = if HAplot >= HAplot[1] then HAplot else double.nan;
def ghalow = if HAplot <= HAplot[1] then HAplot else ghaopen;
def ghahigh = if HAplot >= HAplot[1] then HAplot else ghaclose;

AddChart(growColor = color.green, fallColor = Color.red, neutralColor = Color.current, high = ghahigh, low = ghalow, open = ghaopen, close = ghaclose, type = ChartType.CANDLE);

def rhaopen = if secondstilltime(Reset_Time)==0 then 0 else HAplot[1];
def rhaclose = if HAplot < HAplot[1] then HAplot else double.nan;
def rhalow = if HAplot <= HAplot[1] then HAplot else rhaclose;
def rhahigh = if HAplot >= HAplot[1] then HAplot else rhaopen;

AddChart(growColor = color.red, fallColor = Color.green, neutralColor = Color.current, high = rhahigh, low = rhalow, open = rhaopen, close = rhaclose, type = ChartType.CANDLE);

 

[rajaodu1]

Thank you @Svanoy . I will add the script to my chart today and let you know.

 

[useThinkScript]

@rajaodu1

As you can see, the trend is collinear to the upper chart trend, as both volume pressure and the upper candles are calculated using price.

The only time you will see a pop of difference is when unusual volume occurs.
If you are looking for those unusual volumes, a relative volume indicator would serve you better.

Here are the top 50 relative volume indicators sorted by popularity:
https://usethinkscript.com/search/2...8&c[nodes][2]=5&c[title_only]=1&o=replies&g=1